Buying your first home is an unequivocally thrilling moment – one steeped just as much in anxiety and trepidation as it is joy and anticipation. This is true today than ever, as getting onto that first rung of the property ladder can feel more like luck than anything else; with first-time buyers being increasingly priced out of the market, it is no wonder that finally getting an offer accepted can feel like a pinch-me moment.
The upfront financial costs associated with buying a first home are enough to create seeds of doubt in any first-time buyer’s mind, too, despite the incredible benefit that property ownership offers. It is for this reason, perhaps, that getting started on renovating your new home can feel like such a tall order. If you’re feeling a little bit anxious about starting your own home renovation, let the following steps be your guide.
1. Get to Know the Typical Costs of Renovation
First, you’ll need to give yourself a bit of an understanding of the costs involved when it comes to different kinds of renovation projects. Assuming you’re looking to give your entire fixer-upper the glow-up it deserves, you’ll need to make some early peace with the considerable costs you’re likely to face; a whole-home renovation for a three-bed property typically falls somewhere between £43,000 and £110,000, depending on all manner of variables including the size of your home and the scope of the work.
You may be able to pick and choose the renovations you’d like to complete, but you should still be expecting to spend a little more than your holiday fund. Knowing exactly how much you’ll need will come shortly, but the sooner you make peace with potential expense, the better you’ll be at finding the money.
2. Create a Detailed Renovation Plan
Now it’s time to figure out exactly what it is your home needs. Start with the essentials first; do you need a new boiler or complete central heating refit? How’s the roof? Is there damp to rectify? Then, how about extensions or conversions? Finally, what about the aesthetic side of the equation? With all the work done, will you DIY it or bring it home with another team of professionals? The more you know, the better you can budget, and the better-placed you’ll be to hire contractors.
3. Explore Financing Options
Given the cost of wholesale renovation, you’ll likely need more money than you have. Luckily, it’s relatively easy to source external funding for renovations. Homeowner loans are one such financing option, that allow you to borrow against the equity you already have in your property, and often at competitive interest rates too. Just make sure to compare different loan products, so you can get the best deal.
4. Obtain Multiple Quotes from Contractors
You may also be able to further reduce the prospective cost of your renovations by getting detailed quotes from a handful of contractors, for each aspect of the work required. The purpose of this isn’t to pick the cheapest, but to pick the best value for money – and to evaluate which contractors are more likely to be pleasant to work with.
